S&P Global Ratings today lowered its long-term corporate credit rating on Kazakhstan-based electricity group Samruk-Energy JSC to 'BB-' from 'BB', and placed it on CreditWatch with negative implications. We affirmed the 'B' short-term corporate credit rating.

We also lowered our Kazakhstan national scale long-term rating to 'kzBBB+' from 'kzA' and our issue rating on Samruk-Energy's $500 million senior unsecured notes due December 2017 to 'BB-' from 'BB', and placed both on CreditWatch with negative implications.